ICICI Lombard General Insurance shares tumble 15% after Q1 profit takes a hit

ICICI Lombard General Insurance reported a sharp 46% fall in Q1 FY2027 profit after tax to Rs 403 crore from Rs 747 crore a year ago, hit by two large fire segment losses of Rs 63 crore and a Rs 165 crore increase in Motor TP claim reserves following a Supreme Court verdict. The combined ratio worsened to 107.2% from 102.9%, while gross direct premium income grew only 7.5% to Rs 8,318 crore, trailing industry growth of 10.9%. The commercial segment dropped 13.8% due to pricing pressure in fire insurance, though retail health posted a strong 69.5% growth. Shares slumped 15% on the results.